Item 1.01 - Entry into a Material Definitive Agreement
The disclosure in Item 2.03 and Exhibit 99.1 of this report are incorporated herein by reference
Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
The PPP Loan is unsecured, with a term of two years and has interest rate of 1.00% per annum. Payment of accrued interest and principal shall be deferred for the first six months of the loan. The note evidencing the PPP Loan contains events of default relating to, among other things, payment defaults, breach of representations and warranties, and provisions of the promissory note.
Under the terms of the CARES Act, the Company can apply for and be granted
forgiveness for all or a portion of the PPP Loan. Such forgiveness will be
determined, subject to limitations, based on the use of loan proceeds by the
Company for eligible payroll costs, mortgage interest, rent and utility costs
and the maintenance of employee and compensation levels for an eight-week
period, beginning
We currently intend that these funds will allow us to avoid having to furlough or layoff any eligible employees as a result of the Covid -19 pandemic, although there are no assurances that such will not be required.
The foregoing descriptions of the promissory note do not purport to be complete and are qualified in their entirety by reference to the full text of the promissory note attached to this Form 8-K as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits Exhibit Description Number 99.1 Payment Protection Program Term Note datedApril 11, 2020 , by and betweenPerma-Fix Environmental Services, Inc. andPNC Bank, National Association .
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